CION Investment (NYSE:CION) Posts Quarterly Earnings Results, Beats Expectations By $0.36 EPS

CION Investment (NYSE:CION) posted its quarterly earnings data on Wednesday. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.36, FiscalAI reports. CION Investment had a negative net margin of 0.41% and a positive return on equity of 11.96%. The firm had revenue of $49.79 million during the quarter, compared to analyst estimates of $49.78 million.

CION Investment Stock Performance

Shares of NYSE:CION traded up $1.02 during midday trading on Thursday, hitting $7.25. 1,922,422 shares of the stock were exchanged, compared to its average volume of 473,729. The company has a market capitalization of $361.23 million, a PE ratio of 3.75 and a beta of 1.11. CION Investment has a 52-week low of $5.83 and a 52-week high of $10.93. The business’s fifty day simple moving average is $6.44 and its two-hundred day simple moving average is $7.27.

CION Investment Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 28th. Investors of record on Friday, December 11th will be issued a dividend of $0.10 per share. This represents a c) annualized dividend and a dividend yield of 16.5%. The ex-dividend date is Friday, December 11th. CION Investment’s dividend payout ratio (DPR) is currently -3,000.00%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in shares of CION Investment during the 3rd quarter worth about $37,000. Geneos Wealth Management Inc. increased its holdings in CION Investment by 21.7% in the second quarter. Geneos Wealth Management Inc. now owns 8,802 shares of the company’s stock worth $84,000 after buying an additional 1,571 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in CION Investment by 183.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,872 shares of the company’s stock worth $86,000 after buying an additional 5,739 shares during the last quarter. Aquatic Capital Management LLC raised its position in CION Investment by 165.0% during the third quarter. Aquatic Capital Management LLC now owns 10,354 shares of the company’s stock valued at $98,000 after acquiring an additional 6,447 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. bought a new position in CION Investment during the fourth quarter valued at approximately $101,000. 32.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on CION shares. Weiss Ratings downgraded shares of CION Investment from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, July 2nd. Wells Fargo & Company decreased their target price on CION Investment from $7.00 to $6.50 and set an “underweight” rating for the company in a research report on Monday, May 11th. Finally, Zacks Research downgraded CION Investment from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, CION Investment has an average rating of “Sell” and an average target price of $6.50.

About CION Investment

CION Investment Corporation is a closed‐end, non‐diversified management investment company organized as a business development company under the Investment Company Act of 1940. Externally managed by CION Investment Management, LLC, the firm specializes in providing flexible capital solutions to U.S. and Canadian middle‐market companies. By combining debt and equity financing, CION seeks to support growth, acquisitions, recapitalizations and other strategic initiatives for its portfolio companies.

The company’s investment strategy centers on senior secured loans, subordinated debt and private equity interests.